SPDR Gold Trust Is Set to Rally After last week's double bottom, an upward move is likely

The SPDR Gold Trust (NYSE:GLD) ETF seeks to replicate the price of gold bullion net of expenses, and is accurate in its pricing to gold because it holds physical metal. GLD rose from around $120 to over $188 last year, but since the double top of last August/September the trend has flattened, with support at about $150 and resistance at $165.

A reversal last week at precisely the low of December created a double bottom and the likelihood of a trading rally with a target of $165.